Connecticut Creditors Rights Law
North Haven Connecticut Creditors’ Rights Attorneys
In the early 1990s, Connecticut was in the midst of a recession that resulted in many financial institutions being closed or placed in receivership by regulators. More than 30 banks were taken over by the Federal Deposit Insurance Corporation (FDIC) and the Resolution Trust Corporation (RTC).
During this period, Attorney Jeffrey Donofrio spent several years working with financial institutions, the FDIC and RTC dealing with distressed commercial loans. He developed extensive experience and skill in legal issues arising under FIRREA and regularly provided the following types of services: prejudgment remedies, replevin, commercial workouts, post judgment remedies, defense of lender liability litigation, commercial foreclosures, representing the institution in bankruptcy proceedings involving borrowers and guarantors and exercising creditor’s rights under Article 9 of the Uniform Commercial Code.
Ciulla & Donofrio LLP: Creditors’ Rights Attorneys
Sophisticated Solutions to Complex Legal Problems
Fortunately, Connecticut’s financial institutions are, by and large, much healthier today than in the early 1990s. However, defaults are part of the business, and when a financial institution needs advice or representation in collecting a commercial loan, we are here to lend our experience and cost-effective approach to the creditor’s efforts. Examples of creditors’ rights services we provide to financial institutions include:
- Negotiate and draft loan modification agreements
- Enforce security interests, including institution of proceedings under Article 9 of the Uniform Commercial Code (default notices; seizure, possession and liquidation of collateral) and collection of any deficiencies
- Institute and prosecute commercial foreclosure proceedings and actions to obtain control of rental income
- Defend lenders and their officers/directors in lender liability actions
- Institute large-scale collection actions
- Collect judgments
- Protect/defend against mechanic’s liens
- Litigate priority issues
- Obtain prejudgment remedies, deficiency judgments and related relief
- Obtain tax assessment relief for OREO properties
- Protect lenders’ interests in Chapter 11 and Chapter 7 bankruptcy cases
Applying Technology to Collections
If there is a dispute about the amount of the debt or whether it is secured or unsecured, we advise the client of all available collection options. Our use of technology is of particular benefit to our creditors’ rights clients. We use public records databases that allow us to locate people and assets throughout the country. When the public record trail runs out, we rely upon a very efficient and investigative outside team of investigators. To learn how we can assist you with creditors’ rights matters, please contact Ciulla & Donofrio in North Haven, Connecticut.